SOUTH AFRICA DOWNGRADED TO JUNK STATUS

JOHANNESBURG - Standard and Poor’s has placed South Africa's credit outlook at junk status.

The agency has downgraded the country to B-B plus -- otherwise known as junk status -- from Triple B minus.

The outlook for the country also remains negative.

The agency is citing the latest changes to the country’s cabinet as a contributing factor.

The changes saw Pravin Gordhan and Mcebisi Jonas being sacked as Finance Minister and deputy minister.

Earlier on Monday, Finance Minister Malusi Gigaba said he doubted that the country would be downgraded as a result of one man.

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